Investcorp
Investcorp is a global equity form founded in 1982. In the 1980s and 1990s, it owned all or part of Breguet, Chaumet, Ebel, Gucci, Nouvelle Lemania, and Tiffany, and attempted to re-start Jaquet-Droz. Investcorp also owned prestige real estate in New York, London, Boston, San Francisco, and Washington DC, food processors including Carvel and Main Street Dairy, Computacenter, Thorn Lighting Group, and retailer Saks Fifth Avenue.
Investcorp was one of the primary watch and luxury groups in the 1980s and 1990s.
History
Investcorp was set up in Bahrain by Nemir Kirdan of Iraq. Born in Kirkuk, his family was forced into exile after the 1958 coup, with the young Kirdan earning a bachelor's degree and working for a bank in Arizona. In the 1960s he returned to Iraq to represent Western firms there but, after marriage and modest success, was arrested by the new regime. After he was freed he returned to the United States and became a banker for Chase Manhattan. In 1974 he returned to the Gulf and began building connections.
In the 1980s, Kirdan leveraged his connections to fund a new idea in banking: He sold shares to individuals to raise funds for corporate investment, real estate, trading on foreign exchanges, and fund management. Investcorp was hailed for its pristine reputation and was called "a model for financing in the 1990s."
Investments
- 1984 - Tiffany is acquired for $95 million
- 1987 - Breguet is acquired from Chaumet
- 1987 - Tiffany is floated as a public company
- 1987 - Chaumet is purchased out of bankruptcy due to fraud by the Chaumet brothers
- 1990 - Saks Fifth Avenue is acquired for $1.3 billion
- 1991 - Valdar is acquired
- 1992 - Nouvelle Lemania is acquired
- 1988 - Half of Gucci is acquired
- 1993 - The remainder of Gucci is acquired
- 1994 - Ebel is acquired from Pierre-Alain Blum, who remained with the firm
- 1994 - Dramatic and successful public license renewal for Gucci
- 1995 - 48.2% of Gucci is listed on the New York Stock Exchange
- 1996 - Pierre-Alain Blum leaves Ebel
- 1996 - The remainder of Gucci is listed as a public stock, with Investcorp liquidating its holding the following year
- 1999 - Breguet, Nouvelle Lemania, and Valdar are sold to Swatch Group for a reported 250 million francs after Nicolas G. Hayek rejects buying Ebel and Chaumet as well
- 1999 - Ebel and Chaumet are sold to LVMH for $460 million